Bitfarms, the Bitcoin mining company, announced on July 28 that it had completed the second stage of expansion of its facility. This included an increase of 18 megawatts of power to the operation. The mining facility dubbed “The Bunker,” now has approximately 3.8 exahash per second (EH/s), after the 18 MW increase boosted the computational power by 200 petahash per second (PH/s).
Bitfarms Adds 18 MW to ‘The Bunker,’ Firm Says Daily Production Reaches 16.8 Bitcoin
Bitfarms Ltd. (Nasdaq : BITF), has announced that it has added 18 MW to The Bunker. The company completed Phase 2 of The Bunker’s construction and there’s a total of 9,450 bitcoin miners installed. The Bunker opened its doors in March 2022. Phase 2 will see the expansion of the data centre. Phase 3 will see an addition of 3,250 miners and 325 PH/s hashrate.
Phase 2 consisted of an 18MW expansion that added 200 PH/s. The company now claims it manages a total of 38 EH/s, or approximately 2% of global hashrate. “Completing Phase 2 of The Bunker expansion is a strategic milestone that contributed to growing our hashrate to 3.8 exahash per second (EH/s), up 5.5% from the beginning of July,” Geoff Morphy, the president and COO of Bitfarms said in a statement.
Morphy also added:
With an additional 3MW of hydropower at low cost that was installed this month at the Washington state mining plant, we now have a total capacity of 158 MW. Significantly, our current production increased by 15% to 16.8 BTC/day as a result of our higher hashrate. This is 15% more than the 14.6 BTC/day that we received at the June end.
Bitcoin Mining Industry Weathers the Storm, Bitfarms Exec Expects a ‘Gradual Increase in Hashrate’ to Reach Company’s August and Year-End Goals
It is a moment when digital assets prices are lower than it was a few months back that Bitfarms complete Phase 2. Damian Polla, Bitfarm’s Latam general manager explained during the first week of June, that falling bitcoin prices constitute a challenge. “The biggest challenge facing the sector in the short term, both in Argentina and globally, is the fall in the price of bitcoin, which reduces revenues and increases operating costs,” Polla said at the time.
There’s been a lot happening within the bitcoin mining sector and the network’s difficulty adjustment just recently made it 5% easier to find BTC block rewards. The bitcoin mining operation Marathon recently secured 254 MW of power to enhance operations and the mining company Cleanspark says crypto winter has shown “unprecedented opportunities.”
In addition to The Bunker, the company’s Washington state farms just got an additional 3 MW of capacity and the low-cost hydropower and stable electricity rates give the facility an advantage over the company’s other mining sites.
“This past week, we have been selectively redeploying some mining assets while continuing to bring new miners online,” Morphy added. “Coupled with slight delays in receiving new mining shipments, the net effect is we expect to experience a more gradual increase in our hashrate and reach our 4 EH/s goal in early August. In addition, we remain confident in executing our current international growth plan and achieving 6 EH/s by year-end.”
Do you have any thoughts about Bitfarms expanding The Bunker? Are they able to reap 16.8 bitcoin per daily? Comment below and let us know how you feel about the subject.
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